Twitteratis urge Coinbase users to transfer crypto into hardware wallets

Pressure from RBI forced us to halt crypto trading in India: Coinbase CEO

New Delhi: Coinbase warned that in the unlikely event of bankruptcy, it may absorb its users’ cryptocurrency as property.

Some cryptocurrency observers were alarmed by the acknowledgement because it appeared to contradict a core tenet of the decentralised finance movement: giving people complete control and ownership of their money.

CoinBase’s latest filing with SEC says “In the event of a bankruptcy, our customers could be treated as our general unsecured creditors.”

In other words, when they eventually go bankrupt, they will use YOUR crypto to bail themselves out. pic.twitter.com/nwBtFFdXBc

— CryptoWhale (@CryptoWhale) May 11, 2022

Now many users on Twitter and other social media platforms are urging Coinbase users to transfer their cryptocurrency to hardware wallets.

Note that if you have any crypto on @coinbase including #Bitcoin it can be confiscated as collateral in case they go bankrupt. ????

Not your keys, not your coins!

Time to buy a hardware wallet if you did not already. pic.twitter.com/n48NfQ6Q9g

— Duo Nine | YCC (@DU09BTC) May 11, 2022

PSA: Exchanges are not wallets. Do not leave your coins on an exchange for longer than the time needed for trading. Remember: Not your keys, not your bitcoins

— Electrum (@ElectrumWallet) May 12, 2022

What is a Hard Wallet?

A hardware wallet is a cryptocurrency wallet which stores the user’s private keys (critical piece of information used to authorise outgoing transactions on the blockchain network) in a secure hardware device.

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